Apr 14, 2015

Email  |  Google+  |  LinkedIn  |  Twitter Aubrey McClendon ’s Utica shale company will give 6,000 acres of Ohio land to Chesapeake Energy Corp. and pay up to $25 million in a partial settlement with the company he brought to prominence. American Energy-Utica LLC, a subsidiary of American Energy Partners LP natural-gas development company, announced the settlement Tuesday morning along with the Houston investment firm Energy & Minerals Group, the major funder of American Energy Partners. American Energy-Utica and 20 unnamed investors are no longer part of Chesapeake’s (NYSE:CHK) lawsuit. McClendon didn’t approve of the deal – his major financial backers did. He has not been a director of the subsidiary since this year, though remains a director of the parent company. See Also Top oil wells in Ohio owned by American Energy Partners in 4Q Oklahoma City-based Chesapeake filed the lawsuit in February , alleging McClendon took swaths of data from Chesapeake, which he co-founded and ran until 2013. Shortly after his exit from Chesapeake, McClendon’s new company bought huge swaths of acreage in eastern Ohio, where it today remains one of the major acreage holders. Chesapeake still has the most land. American Energy-Utica will give Chesapeake 6,000 acres in northern Harrison County. Energy & Minerals Group did not inform McClendon of the decision. “Although Mr. McClendon is a director and the single largest non-institutional shareholder in AEU, he did not approve the settlement and neither he nor AELP were advised of the negotiated terms of this settlement,” American Energy Partners LP said in a statement. The parent company plans to fight the remaining charges. It has set up a website to state its case. Industries: